Nigeria Wastes Gas Worth N115bn In Seven Months       International oil companies and local players in the nation’s oil and gas industry flared natural gas worth an estimated N114.79bn from January to July this year. The companies produced 1.64 trillion standard cubic feet of gas in the...

IOC Taxes Dip By N16.46bn Amid Production Cuts     The tax revenue accruing to the Federal Government from Production Sharing Contracts with international oil companies operating in the country fell by $45.72m (N16.46bn) in May. The tax lifted as oil by the Nigerian National Petroleum Corporation on...

NEITI: Nigeria’s Indebtedness To IOCs In Cash-call Hits $3.501bn   Nigeria has significantly reduced the accumulated debt it owes International Oil Companies (IOCs) for cash-call for oil and gas production from $5.510 billion to $3.501 billion, the Nigeria Extractive Industries Transparency Initiative (NEITI) has said. NEITI, in...

Deepwater Royalty Increase May Cause $15bn Loss , Say IOCs   International oil companies and their local counterparts under the aegis of the Oil Producers Trade Section have said the Federal Government’s planned increase in deepwater royalty will worsen Nigeria’s competitiveness and make its $15bn planned...

NGO Berates FG, Others Over Trans-Forcados Pipeline Fire An environmental and non-governmental organisation, Centre for Peace and Environmental Justice (CEPEJ), has berated the federal government, NOSDRA and International oil companies, (IOCs) over the pipeline fire outbreak on the Trans-Forcados Pipeline around Chanomi Creek in Yeye...

IOCs Reluctant To Sell Flare Gas To Third Parties, Says FG International oil companies that are involved in the flaring of gas in Nigeria are often reluctant to sell the commodity to third parties, the Federal Government has said. It was gathered that the oil producers...